Robotic Process Automation (RPA) for Profit & Loss Calculation
Learn how Robotic Process Automation (RPA) can help automate profit and loss calculations and reports for finance companies. Work with best Finance RPA Consultants.
Robotic Process Automation (RPA) is already changing the way Finance companies operate. Finance companies are under significant pressure to keep innovating with technology. One of the biggest areas for innovation would be to reduce the costs of operations and improve the efficiency.
What exactly is Robotic Process Automation (RPA)?
RPA (Robotic Process Automation) is a software virtual workforce to perform repetitive tasks that are currently being done by humans. The bots emulate the activities using the existing platforms and applications that a company is currently using.
To sum things up, here’s what a RPA software can do for you:
- Perform repetitive, structured transactions processes
- Scale up operations and processes rapidly in your company
- Interact with and update multiple applications in a transactional manner to keep everything in sync
- Validate data in places that are complex for people to understand
- Perform calculations faster than humans
Robotic Process Automation (RPA) for Profit & Loss (PnL) calculations are quickly evolving as the most efficient process automation systems with extremely small value realisation time for finance companies.
The cost of implementing RPA are significantly lesser than building a custom solution to eliminate human tasks that can be error prone.
How can RPA Automate Profit & Loss Calculations/Reporting?
Many finance companies spent a large amount of resources and compute power to product Profit & Loss reporting everyday. With RPA you can automate the entire process without having to invest a lot of money and realise the return on investment in less than a year.
When it comes to handling profit and loss calculations using Robotic Process Automation, the bots can:
- Update data manually into corresponding systems;
- Generate PDF based reports and share it with related parties in the company;
- Upload the final data sheet into a P&L system for further tracking and reporting;
- Improve the security lending process with faster profit and loss calculations;
RPA based Profit & Loss (P&L) reporting is also picking up in the industry with tools like HelpSystems Automate, Automation Anywhere and BluePrism. Where Skcript helps you is to build a complete end-to-end roadmap of this entire RPA implementation with detailed process workflows that will help your business run faster.
Why deploy robots when there are humans?
Robotic Process Automation (RPA) brings radical changes to the overall functioning of finance companies across the globe; but there are three major areas where RPA can be advantageous than performing certain tasks with humans:
- Improved the cost efficiency for the processes currently carried out;
- Helps remain in control in a highly dynamic environment;
- Focus utilising human skills for much value driven tasks than repetitive tasks;
Humans are species with intellect, which allows us to think through complex situations and act upon it. Robots does not carry emotions and are extremely faster and good at performing pre-defined set of tasks.
Here are a few more reasons why companies use RPA to help humans perform better:
- Robots operate 24x7
- Accuracy is off the charts with RPA robots
- Robots are super efficient in performing tasks
- The error rates are low when compared to humans
- Reliability; no sick leaves, super high efficiency since bots work 24x7, every single day;
- Robots can use data directly from multiple applications and process data in parallel
- Consistency; you can expect a task to be complete at a consistent time and process without having any second thoughts;
What is the Return on Investment / Business Value for RPA implementation
RPA is a proven technology. Just like how computers replaced calculators for better business efficiency, RPA is being used to build businesses that are faster and better than their competitors.
Here are some quick potential business value or Robotic Process Automation (RPA) in Profit & Loss reporting operations:
- Over 50 percent annual operational productivity gains across the company;
- Implement end-to-end automation; from Record to Reporting (R2R);
- Boost in Productivity; RPA robots are meant to perform tasks faster than humans; this allows us to have 99.99% available throughout the year, and the bots work 24/7/365 with fewer errors and regulatory violations;
- Audit-able logs; bots provide us with detailed logs that helps us audit everything that is happening with the RPA process;
- Reliable and resilient process; RPA bots are configured to interact with systems that the users would have difficulty accessing in some cases;
How can Skcript help you with RPA
Introducing RPA processes into your business could be a huge challenge. Working with an experienced company is essential to make sure the transition is smooth.
Skcript’s RPA Advisory Services can support you with the challenges, make the transition easy and deliver quality the Skcript way for your organization.
Our experienced RPA engineers and business professionals bring in a unique mix of expertise and an incredible depth of knowledge in RPA to help you implement a RPA process in your business.
Here are some of the areas where Skcript can help automate Financial Systems Profit and Loss system data entry using Robotic Process Automation (RPA):
- Robotize the entire data entry and validation process;
- Bring down the processing time from hours to minutes;
- Build RPA bots that can write entries into financial systems and scale as the company grows;
- Provide detailed report of what is happening with the bots and alert if something goes wrong;
- Map information across different platforms and provide a single platform to unify data entry;
Our job is not to make sure we implement RPA in your business, but also to make sure your people are ready before we go live in your organization.
What is the next step?
Our RPA analysts can help you run RPA workshops in your company to see how best we can implement RPA in your company; Reach out to us at firstname.lastname@example.org or fill out the form for us to contact us;